The EU-based subsidiary of the FTX exchange has taken up the challenge to pay back users who lost their investments last year. The EU branch had only operated for seven months after its launch before the parent exchange collapsed.

It recently launched a website approved by the Cyprus Securities and Exchange Commission to accept customers’ withdrawal requests. This move will be a welcome development within the European crypto community. 

Customers To Send Request To New Website 

An FTX Creditor shared the news on Twitter, revealing the European arm plans to pay users whose money were stuck on the exchange. The post stated that the exchange is a solvent entity leading to many negative responses from other users asking for the validity of its solvency. 

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The report also disclosed that the sole aim of the site is to pay back the customers who lost money when the main exchange crashed. As such, it won’t offer services beyond this or sell any product. FTX EU LTD clients will only get their FIAT balances through the website.

For now, there are no precise details on the number of users that lost funds in the EU subsidiary. But given the short duration in which the exchange operated between launch and collapse, it’s safe to assume the user count may not be massive as compared to the US branch.

Notably, the Cryprus SEC had requested that FTX’s European arm shut down operations befo

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Author: Eli Dambell

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